Representative image.
Credit: Reuters Photo
By Lisa Pham
AstraZeneca Plc’s market value surged above $257 billion for the first time after a big bet on cancer drugs helped drive a rally in the shares.
Shares climbed as much as 0.5 per cent on Wednesday, extending an advance this year to 22 per cent. The firm’s market value closed above £200 billion for the first time on Tuesday.
AstraZeneca is the UK’s most valuable listed company, having kept a lead over Shell Plc since April, and is ranked seventh in Europe by market value in dollar terms.
“Its growth has been steady rather than showy, with the potential for advances in cancer treatment, and in some cases weight-loss drugs, attracting investor attention,” said Danni Hewson, head of financial analysis at AJ Bell. “It’s also a boon for London markets, which have been fighting to maintain their relevance.”